Warren Buffet is performing a gross public disservice in creating urban myths about the nature of the tax system in America. Those myths will mislead millions of Americans about the fundamentals of their own country.

Buffett began his media offensive with an op-ed in the New York Times on Sunday, "Stop Coddling the Super Rich," where he complained that taxes need to be raised on "the rich" so they can pay their fair share. He reported that he paid 17.4% of his income in federal taxes, and claimed "If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine -- most likely by a lot." That is inaccurate.

Official IRS data shows that for 2007, before President Obama was even elected, the top 1% of income earners paid more in federal income taxes than the bottom 95% combined. That top 1% paid 40.4% of all federal income taxes, almost twice their share of income. When Ronald Reagan entered office, the top 1% paid 17.6% of all federal income taxes. That is why Jack Kemp always used to say if you want to soak the rich, cut tax rates.

President Obama's tax rate increases, already adopted in current law for 2013, apply to singles making over $200,000 a year, and couples making over $250,000. That is roughly the top 3% of income earners. The latest IRS data shows that the top 3% of income earners pay more in federal income taxes than the bottom 97% combined. Indeed, the bottom 50% of income earners today as a group pay no federal income taxes on net. So if the rich are not paying their fair share, what would their fair share be, Mr. Buffett?

The facts are similar in many of the highest taxed states in regard to their own state income taxes. In California, the top 1% pay 48% of all state income taxes. In New York, the top 1% pay 41% of all state income taxes. In New Jersey, until recently the top 1% paid 46% of state income taxes.

Moreover, America's corporate income tax rate is virtually the highest in the industrialized world at nearly 40% on average, counting state corporate rates. Even Communist China has a 25% corporate rate, with the average in the mostly socialist European Union below that. In formerly socialist Canada, the corporate rate today is 16.5%, scheduled to fall under current law to 15% next year. Does this sound like the rich are not paying their fair share, Mr. Buffett?